11 May Exam: 412760RR Profit-Sharing and Similar Plans
Exam: 412760RR Profit-Sharing and Similar Plans
1. James earns $80,000 per year. What is the limit on his deductible contributions if he has a simplified employee pension?
A. $15,000
B. $10,000
C. $45,000
D. $20,000
2. What is one reason that companies often allow new employees to immediately participate in profit sharing plans?
A. The administration of a profit-sharing plan is much easier than that of other pension plans.
B. Profit-sharing plans have no upper or lower age limits.
C. Profit-sharing plans have no vesting provisions to deal with.
D. Companies are required by law to provide this opportunity for new employees.
3. The Carbon Company makes allocations to employee accounts that meet the nondiscrimination requirements; the total employer contributions are $10,000. The average salary of all employees is $67,000. If Laverne’s salary is $69,000, how much, rounded up to the nearest dollar, would be allocated to her?
A. $10,299
B. $10,198
C. $9,755
D. $23,448
4. Tamara would like to start saving some of her salary so that it won’t be taxed. She has decided to save $9,000 annually, but she would also like to have the freedom to withdraw her money if she needs it. If you were her employee benefit specialist, which one of the following plans would you recommend that she research?
A. SIMPLE
B. IRA
C. 401(k)
D. 403(b)
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